The ministries of energy in Saudi Arabia and Singapore intend to make arrangements for the storage of Saudi crude oil in Singapore. Copies of the MoU were exchanged between the Energy Market Authority and JTC Corporation, both of Singapore, and Saudi Aramco, during the Singapore International Energy Week (SIEW). Saudi crude oil will be stored in Jurong rock depressions, Jurong Island, Singapore. Storage operations are expected to begin in the second half of 2027, according to a statement from the Saudi Ministry of Energy. These arrangements will contribute to improving the strength and reliability of the Saudi crude oil supply chain to the Southeast Asian region, and to meeting Singapore's energy needs in the event of a supply disruption.

The ministries of energy in Saudi Arabia and Singapore intend to make arrangements for the storage of Saudi crude oil in Singapore. Copies of the MoU were exchanged between the Energy Market Authority and JTC Corporation, both of Singapore, and Saudi Aramco, during the Singapore International Energy Week (SIEW). Saudi crude oil will be stored in Jurong rock depressions, Jurong Island, Singapore. Storage operations are expected to begin in the second half of 2027, according to a statement from the Saudi Ministry of Energy. These arrangements will contribute to improving the strength and reliability of the Saudi crude oil supply chain to the Southeast Asian region, and to meeting Singapore's energy needs in the event of a supply disruption.